UXRP vs. DFNM

Last updated Jul 17, 2026

UXRP (ProShares Ultra XRP ETF) and DFNM (Dimensional National Municipal Bond ETF) are both exchange-traded funds - UXRP is a Leveraged Cryptocurrency fund tracking the Bloomberg XRP Index, while DFNM is a Municipal Bonds fund actively managed by Dimensional. UXRP is passively managed, while DFNM is actively managed. Over the past year, UXRP returned -95.01% vs 4.47% for DFNM. At a 0.02 correlation, their price movements are largely independent. UXRP charges 1.67%/yr vs 0.17%/yr for DFNM.

Performance

UXRP vs. DFNM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra XRP ETF (UXRP) and Dimensional National Municipal Bond ETF (DFNM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UXRP achieves a -76.11% return, which is significantly lower than DFNM's 1.21% return.

UXRP

• 1D: -2.08%
• 1M: -21.61%
• 6M: -80.47%
• YTD: -76.11%
• 1Y: -95.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFNM

• 1D: -0.12%
• 1M: -0.12%
• 6M: 0.54%
• YTD: 1.21%
• 1Y: 4.47%
• 3Y*: 3.09%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

UXRP vs. DFNM - Yearly Performance Comparison

	2026 (YTD)	2025
UXRP ProShares Ultra XRP ETF	-76.11%	-77.43%
DFNM Dimensional National Municipal Bond ETF	1.21%	3.24%

Correlation

The correlation between UXRP and DFNM is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.02

Return for Risk

UXRP vs. DFNM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UXRP

UXRP Risk / Return Rank: 2
UXRP Sharpe Ratio Rank: 4
UXRP Sortino Ratio Rank: 1
UXRP Omega Ratio Rank: 1
UXRP Calmar Ratio Rank: 0
UXRP Martin Ratio Rank: 3

DFNM

DFNM Risk / Return Rank: 81
DFNM Sharpe Ratio Rank: 93
DFNM Sortino Ratio Rank: 93
DFNM Omega Ratio Rank: 95
DFNM Calmar Ratio Rank: 61
DFNM Martin Ratio Rank: 63

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UXRP vs. DFNM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra XRP ETF (UXRP) and Dimensional National Municipal Bond ETF (DFNM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	UXRP	DFNM	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	2.61	-3.26
Sortino ratio: Return per unit of downside risk	-1.90	3.74	-5.64
Omega ratio: Gain probability vs. loss probability	0.79	1.58	-0.79
Calmar ratio: Return relative to maximum drawdown	-0.98	2.44	-3.42
Martin ratio: Return relative to average drawdown	-1.21	8.79	-10.00

UXRP vs. DFNM - Sharpe Ratio Comparison

The current UXRP Sharpe Ratio is -0.65, which is lower than the DFNM Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of UXRP and DFNM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UXRP vs. DFNM - Drawdown Comparison

The maximum UXRP drawdown since its inception was -96.60%, which is greater than DFNM's maximum drawdown of -6.99%. Use the drawdown chart below to compare losses from any high point for UXRP and DFNM.

Drawdown Indicators

	UXRP	DFNM	Difference
Max Drawdown Largest peak-to-trough decline	-96.60%	-6.99%	-89.61%
Max Drawdown (1Y) Largest decline over 1 year	-96.60%	-1.84%	-94.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.82%	—
Current Drawdown Current decline from peak	-96.21%	-0.46%	-95.75%
Average Drawdown Average peak-to-trough decline	-74.04%	-1.92%	-72.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.15%	0.51%	+77.64%

Volatility

UXRP vs. DFNM - Volatility Comparison

ProShares Ultra XRP ETF (UXRP) has a higher volatility of 27.05% compared to Dimensional National Municipal Bond ETF (DFNM) at 0.34%. This indicates that UXRP's price experiences larger fluctuations and is considered to be riskier than DFNM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UXRP	DFNM	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.05%	0.34%	+26.71%
Volatility (6M) Calculated over the trailing 6-month period	103.11%	1.29%	+101.82%
Volatility (1Y) Calculated over the trailing 1-year period	146.10%	1.72%	+144.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	145.88%	2.51%	+143.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	145.88%	2.51%	+143.37%

UXRP vs. DFNM - Expense Ratio Comparison

UXRP has a 1.67% expense ratio, which is higher than DFNM's 0.17% expense ratio.

Dividends

UXRP vs. DFNM - Dividend Comparison

UXRP's dividend yield for the trailing twelve months is around 0.02%, less than DFNM's 2.94% yield.

Position	TTM	2025	2024	2023	2022	2021
DFNM Dimensional National Municipal Bond ETF	2.94%	2.94%	2.74%	2.39%	1.16%	0.05%
UXRP ProShares Ultra XRP ETF	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UXRP and DFNM in my portfolio?

UXRP and DFNM have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UXRP or DFNM?

UXRP has higher volatility (27.05%) compared to DFNM (0.34%). In terms of maximum drawdown, UXRP dropped -96.60% vs DFNM's -6.99%.

Which ETF is better, UXRP or DFNM?

On 1-year performance, DFNM leads with 4.47% vs -95.01% for UXRP. On fees, DFNM is cheaper at 0.17% per year. On volatility, DFNM has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UXRP or DFNM?

Over the 1-year period, DFNM has performed better with a 4.47% return vs -95.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UXRP or DFNM?

DFNM is cheaper with a 0.17% expense ratio, compared with 1.67% for UXRP.

Which ETF pays a higher dividend yield, UXRP or DFNM?

DFNM has the higher dividend yield at 2.94%, compared with 0.02% for UXRP.

What is the main difference between UXRP and DFNM?

UXRP is categorized as Leveraged Cryptocurrency, while DFNM is Municipal Bonds. They also come from different issuers: ProShares and Dimensional. Their fees differ too: 1.67% for UXRP and 0.17% for DFNM.

Which has better risk-adjusted returns?

DFNM currently has the higher Sharpe Ratio (2.61 vs -0.65), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.